The global paints and coating market is expected to achieve a market revenue of about $350 billion by 2020, according to the Paints and Coatings Market Global Report 2017 by Ken Research.
One of the important drivers of paint and coating industry is the high demand in end user industries. Many industries of paints and coatings have seen a rapid increase in its consumption, said the report.
Automotive, construction and manufacturing industries are the places where paints and coatings are majorly used. In building and construction, decorative paints and coatings are used. On the other hand, protective paints and coatings are used in automotive, major appliance and industrial equipment industries, it added.
Therefore, with multiplying applications of paints and coatings in several activities, the cumulative market is foreseen to improve year by year recording great profits.
The markets for paints and coatings are segmented on the basis of resin type, technology, application and region. On the basis of resin type the market is further segmented into polyurethanes, acrylic, polyesters, epoxy, alkyd and others.
On the basis of technology the market is segmented into water based, solvent based, high solids and powder. On the basis of application the market is segmented into agriculture and industrial. On the basis of region the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa and South America.
Asia has accounted for the largest region in paints and coating market with majority of market share. Increasing infrastructure development in India and China had led the Asia to gain largest market share. With a significant market share, America has been accounted as second largest region in paints and coatings market followed by Europe.
The industries that manufacture paints and coatings are expected to grow well in future because they are used to solve many industrial problems. Industrial paints comprises of mix pigments, solvents and binders into paint. For concrete and masonry, coating such as stains, varnishes, lacquers, enamels, shellacs and water repellent coating are established. Putties, paints and varnish removers, paint brush cleaner and frit are the products of manufacture allied paints, it stated. – TradeArabia News Service